Gramm-Bliley-Leach Act

(redirected from Financial Modernization Act of 1999)
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Gramm-Bliley-Leach Act

Legislation in the United States, passed in 1999, that deregulated the banking industry. Specifically, it repealed the portion of the Glass-Steagal Act that prohibited commercial banks, investment banks and insurance companies from working in each other's sectors. Critics claim that this deregulation led directly to the late 2000s recession by allowing banks to take excessive risks, essentially putting their customers' deposits at risk. Many others claim that this assessment is inaccurate, and contend that the Act prevented the crisis from being even worse than it was.
References in periodicals archive ?
Nicholas Micozzie (R-Delaware), amends the Insurance Company Law of 1921 to conform the regulation of surplus lines with national standards and modernizes the act to be consistent with various other acts, including the Federal Gramm-Leach-Bliley Financial Modernization Act of 1999 and Act 40 of 1997, which regulates the sale of insurance by banks.
Federal Government regulations such as the Financial Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), protects customers' personal financial information held by financial institutions of all types, including credit unions.
The Act also is made consistent with the Federal Gramm-Leach-Bliley Financial Modernization Act of 1999 and the National Securities Markets Improvement Act of 1996.
s entrance into the insurance business in Florida and is one of the first in the nation completed under the recently enacted Financial Modernization Act of 1999, allowing mergers between banking and insurance companies.
The mailing was sent in order to comply with the requirements of the Gramm-Leach-Bliley Financial Modernization Act of 1999.

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